The recession has resulted in an incredible amount of people becoming unemployed and many of these people have been forced to use their Payment Protection Insurance (PPI) policy to keep their loan repayments up. For them, the PPI is worth it’s weight in gold but for policy holders still in work and not claiming, PPI has become a weight around the neck.

The increase in claims due to unemployment has resulted in a 35%  rise in the average monthly cost of PPI throughout 2009 meaning that stuggling borrowers are paying considerably more for cover. This extra money helps the banks, lenders and providers off-set all the PPI claims that are being made and costs the average UK household an extra £110 over a year.

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